Ryohei Kim is furious at the Bank of Japan because of the record-low yen and the impact it is having on his beloved video games.
| Ryohei Kim is furious at the Bank of Japan, although it’s not interest rates that have raised his ire. The 31-year-old blames the central bank for the plummeting yen that has decimated his beloved vintage video game shop.are taking advantage of the weakest yen in 34 years. Some have flocked to his shop in Tokyo’s Akihabara district, famed for being at the heart of Japan’sor diehard fan – culture. With boosted buying power, they have stripped the shelves of retro games.
as the world’s third-largest. Although tourism is booming from overseas visitor numbers, many in Japan are feeling a negative impact.The softer yen has made imports of food and fuel more expensive for example. Since Japan imports almost all of its fuel, businesses and households face higher energy costs, meaning inflation could rise.
Although the BoJ finally ended its policy of yield-curve control and raised its benchmark interest rate recently, it has indicated that it is unlikely to increase them much more. And the Federal Reserve plans to keep its rates higher for longer because of sticky US inflation. There are bright spots for Japan, however, as a weak yen is generally a boon for the country’s exporters’ profits. The vast majority of its major companies, like Mitsubishi, Toyota and Sony, export their goods offshore and often prefer to keep their earnings in stronger foreign currencies.
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